Larger companies may have the resources to hire a dedicated in-house payroll administrator. And for independent contractors, the process gets more complicated. There are taxes to withhold, deductions for specific benefits and even wage garnishments. Payroll is more than just cutting employees a check. Reporting – Reporting functionality includes templates and custom reports for metrics such as gross-to-net payroll register, compensation analysis, taxes and deduction analysis.Įmployee self-service – The employee self-service portal lets employees view payroll, time and attendance, and benefits info through a web browser or mobile app. In some cases, businesses can pay employees via paycards, which are similar to debit and credit cards. Payment processing – Companies can process employee payments by printing paychecks or sending direct deposits to their bank accounts. This may be a built-in feature or a separate module. Some payroll systems have time and attendance features built in, while others may require integration with a separate module.īenefits management – Benefits management keeps track of insurance, retirement, vacation/sick time and other benefits. This feature also keeps track of vacation and sick time. Time and attendance – Time and attendance can capture employee hours via time-clock software or a manual time clock. Companies can either print these forms or file them electronically when they need to report employee withholdings or submit taxes to the IRS. Tax form preparation – Tax forms, such as W-2, W-, are prepared at the end of each year or quarter. This feature is regularly updated when tax codes change. Tax management – With the tax management feature, companies can calculate federal, state, local, Social Security and Medicare taxes and deduct them from employee paychecks. It also takes into consideration bonuses, raises and overtime pay. Payroll processing – The payroll processing feature automatically calculates employee gross pay based on hours worked, as well as any deductions for taxes, insurance and retirement contributions. Companies can also simplify tax filing and manage compliance with federal, state and local regulations.Ĭommon features of payroll software include: It reduces costly errors and time spent on administrative tasks, such as reviewing timecards and printing checks. Payroll software helps businesses streamline complex payroll processes through automated calculations and payments. To help you better understand the payroll software market, we’ve put together this extensive pricing guide with common pricing models, additional costs to consider and examples of popular vendor pricing. Most require companies to contact them directly for a price quote. Only a few payroll software vendors offer pricing plans on their websites. Although it can save companies time and money, the software requires setup and additional expenses. Businesses in the market for payroll software will want to carefully consider pricing before they make a decision.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |